Reinvestment Fund financing is financing the transformation of the vacant Footer’s Dye Works building in Cumberland into a vibrant mixed-use development with housing and retail.
Originally built in 1906, the building is the only remaining structure of a former manufacturing complex that was the heart of the Cumberland economy in the early 20th century. At its peak in the 1920s, Footer’s Dye Works was one of the dominant cleaning and dyeing companies in the region, employing as many as 500 people and had the White House among its many clients. However, the company filed for bankruptcy in 1936 due to the Depression, the advent of dry cleaning and a devastating Potomac River flood, and the complex was vacant for many years.
Cumberland is the county seat of Alleghany County and a regional business and commercial center for Western Maryland. The historical landmark building is located by the C&O Towpath bike trail and the GAP bike trail. Once renovated, the building will house 24 one- and two-bedroom apartments on the upper floors and 2 ground floor restaurants.
Total development costs for the project are roughly $9 million. Reinvestment Fund’s loan bridges Federal and State Historic Tax Credits. Additional financing comes from BB&T, the Maryland Department of Housing and Community Development’s Neighborhood Businessworks program as well as several State grants and borrower equity.